ORD 2009-08-B - TIRZ#1 - Ravenwood Performance Amended Agreement 11-11-2008ORDINANCE NO. 2009-08B
AN ORDINANCE AMENDING THE PERFORMANCE AGREEMENT 13ETWEEN THE
CITY OF HUNTSVILLE, TEXAS AND RAVENWOOD VILLAGE, LTD. FOR
RAVENWOOD VILLAGE DEVELOPMENT; PROVIDING FOR A SEVERABILITY
CLAUSE; AND DECLARING AN EFFECTIVE DATE.
WHEREAS, on April 24, 2007, under the provisions of Chapter 384 of the Texas Local
Government Code, the City Council authorized a Performance Agreement Between the City of
Huntsville, Texas, and Ravenwood Village, Ltd. for Ravenwood Village Development (the
"Performance Agreement ");
WHEREAS, the Agreement and Program were made in association with the City of
Huntsville TIRZ #1 Development Agreement Jbr Ravenwood Village Project as part of a larger
project which was to include a residential phase, and the agreements are explicitly tied together,
and Performance Agreement incentives were to help offset lot development cost for single -
family residences;
WHEREAS, no progress has been accomplished for the residential phase and significant
national economic factors have rendered new residential development impractical; and
WHEREAS, the City Council desires to amend the Performance Agreement; NOW,
THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF HUNTSVILLE,
TEXAS, that:
SECTION 1: Findings.
A. The facts and recitations contained in the preamble of this ordinance are found to be true and
correct and are adopted as part of this ordinance for all purposes.
B. Construction for the commercial phase of the Ravenwood Village Project has commenced
and some purchasers and/or tenants have entered binding agreements with the developer of the
Project
C. Under expectation of partial sales tax rebates to be made pursuant to the Performance
Agreement, Ravenwood Village, Ltd., as developer of the Ravenwood Village Project has agreed
to certain terms related to the partial sales tax rebates in agreements with retailers to be located in
the commercial phase of the Project.
D. Revising the Performance Agreement is beneficial to the Public.
SECTION 2: Amendment.
A. Section 4.(b) of the Performance Agreement is hereby amended to provide that City will pay
Developer 50.0% of the Sales Tax the City receives from Ravenwood Village, minus any
discounts or administrative fees, until December 31, 2020, the expiration of ten (10) years from
the date of issuance of Target's permanent Certificate of Occupancy or until such time that the
aggregate payments to Developer equal $4,380,000, whichever occurs first. In all other respects,
Section 4.(b) shall remain the same.
B. The amount in Section 5.(iii) is amended to be "$4,380,000."
SECTION 3: If any portion of this Ordinance shall, for any reason, be declared invalid by any
court of competent jurisdiction, such invalidity shall not affect the remaining provisions hereof
and the City Council determines that it would have adopted this Ordinance without the invalid
provision.
SECTION 4: This Ordinance shall take effective immediately from and after the date of its
passage.
PASSED AND APPROVED THIS 11TH DAY OF NOVEMBER 2008.
CITY OF HUNTSVILLE. TEXAS
M
Brim, City Secretary
APPROVED AS TO FORM:
jVI�NVII��'�
Thomas A. Leep r, C ty Attorney
Mayor